- Qolo, an omnichannel payments platform set up in 2018, has confirmed that it has closed a Series A funding round with US$15m under its belt.
- It comes after the firm made a series of strategic hires, including of a chief client officer.
- “We experienced strong investor interest fueled by our unique value proposition and rapid pace of customer acquisition,” said a senior figure at the company.
Qolo, a leading omnichannel payments platform, has confirmed that it has closed a Series A funding round.
The company said that it had secured US$15m following a round led by The Raptor Group.
The funding round received participation from a range of other investors and strategic partners.
Qolo, which was set up in 2018, is an omnichannel payments platform for fintechs.
Over the course of the last year, the online money transfer firm has increased its headcount three times over.
It has hired a new chief financial officer, a new chief client officer, and an executive vice president of strategic business development.
It is understood that the new funding will be spent on hiring more top talent to the team.
It will also be directed in part towards product launches and a wider global focus.
In July, the firm expanded the availability of the beta version of its Qolo Accelerator service, an engagement model that speeds up the time it takes for customers to get to market.
The service also offers a variety of programme control and product flexibility options.
In a statement, Qolo’s chief executive officer said that there was a lot of demand among investors.
Patricia Montesi said that this came as a result of the company’s one-off value proposition.
“We experienced strong investor interest fueled by our unique value proposition and rapid pace of customer acquisition,” she said.
She went on to say that the fact that Qolo is fully cloud-native also helped.
“The current FinTech climate is driving massive growth, and Qolo’s 100% cloud-native, omnichannel offering is perfectly positioned to meet the demand,” she explained.
“And we have yet to see payments model we can’t power.”
The Raptor Group’s managing partner and founder said that the company was dedicated to helping other firms reach their goals.
“We’ve always been focused on investing in companies to help them realize their vision faster, and we are thrilled to support the incredible growth and fantastic leadership team at Qolo,” Jim Pallotta said.
“Its team has built a unique platform which future-proofs FinTechs. Raptor is heavily focused on the sector and has seen how Qolo can assist our other portfolio companies.”
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